Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Broken_Clock who wrote (87433)	10/1/2008 2:15:11 PM
From: Dan3	1 Recommendation Read Replies (1) of 116555

Re: If people were living within their means they would be able to ride this out. A lot of it depends on lifecycle. If you're in your 20s or 30s it makes a lot of sense to borrow for cars and houses. By your 40s you should be tapering off and in your 50s and onward should be living well within your means. It's not fair that people in their 20s and 30s should all be ruined by these financial events while those who happen to be in their 50's (and weren't nuts) are in great shape. For myself, and many of the people on this board, this is interesting, sort of like watching an exciting ball game, but if it were 20+ years ago, when I was deep in hock for my first house, it would be less fun.... A lot of that was just luck, not any special brilliance on my part. If you've always been able to make it without borrowing, my hat's off to you, but I know I sure wasn't. At one point I had home, car, and student loans all at once.

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